QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Description | Page | |||||||
Glossary of Terms | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
(a) | ||||||||
(b) | ||||||||
(c) | ||||||||
(d) | ||||||||
(e) | ||||||||
(f) | ||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Defaults Upon Senior Securities - (not applicable) | ||||||||
Item 4. Mine Safety Disclosures - (not applicable) | ||||||||
Item 5. Other Information - (none to be reported) | ||||||||
FULTON FINANCIAL CORPORATION | ||||||||
GLOSSARY OF DEFINED ACRONYMS AND TERMS | ||||||||
ACL | Allowance for Credit Losses | |||||||
AFS | Available for Sale | |||||||
ALCO | Asset/Liability Management Committee | |||||||
AML | Anti-Money Laundering | |||||||
ARC | Auction Rate Security | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
bp | basis point(s) | |||||||
BSA | Bank Secrecy Act | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CECL | Current Expected Credit Losses | |||||||
Corporation or Company | Fulton Financial Corporation | |||||||
COVID-19 | Coronavirus | |||||||
ETR | Effective Tax Rate | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
EAD | Exposure at default | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Fed Funds Rate | Target Federal Funds Rate | |||||||
FHLB | Federal Home Loan Bank | |||||||
FOMC | Federal Open Market Committee | |||||||
FRB | Federal Reserve Bank | |||||||
FTE | Fully Taxable-Equivalent | |||||||
Fulton Bank or the Bank | Fulton Bank, N.A. | |||||||
GAAP | U.S. Generally Accepted Accounting Principles | |||||||
HTM | Held to Maturity | |||||||
LGD | Loss given default | |||||||
LIBOR | London Interbank Offered Rate | |||||||
MSRs | Mortgage Servicing Rights | |||||||
NIM | Net Interest Margin | |||||||
Net Loans | Loans and lease receivables, (net of unearned income) | |||||||
OBS | Off-Balance-Sheet | |||||||
OREO | Other Real Estate Owned | |||||||
OTTI | Other-than-temporary impairment | |||||||
PD | Probability of default | |||||||
PPP | Paycheck Protection Program | |||||||
PSU | Performance-Based Restricted Stock Unit | |||||||
RSU | Restricted Stock Unit | |||||||
SBA | Small Business Administration | |||||||
SEC | United States Securities and Exchange Commission | |||||||
TCI | Tax Credit Investment | |||||||
TDR | Troubled Debt Restructuring | |||||||
TruPS | Trust Preferred Securities |
June 30, 2020 | December 31, 2019 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits with other banks | |||||||||||
Cash and cash equivalents | |||||||||||
FRB and FHLB stock | |||||||||||
Loans held for sale | |||||||||||
Investment securities: | |||||||||||
AFS, at estimated fair value | |||||||||||
HTM, at amortized cost | |||||||||||
Loans | |||||||||||
Less: ACL - loans | ( | ( | |||||||||
Net Loans | |||||||||||
Premises and equipment | |||||||||||
Accrued interest receivable | |||||||||||
Goodwill and intangible assets | |||||||||||
Other assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | $ | |||||||||
Interest-bearing | |||||||||||
Total Deposits | |||||||||||
Short-term borrowings | |||||||||||
Accrued interest payable | |||||||||||
Long-term borrowings | |||||||||||
Other liabilities | |||||||||||
Total Liabilities | |||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Common stock, $2.50 par value, 600 million shares authorized, 223.0 million shares issued in 2020 and 222.4 million issued in 2019 | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive gain (loss) | ( | ||||||||||
Treasury stock, at cost, 61.1 million shares in 2020 and 58.2 million shares in 2019 | ( | ( | |||||||||
Total Shareholders’ Equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ | |||||||||
See Notes to Consolidated Financial Statements |
(in thousands, except per-share data) | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||
Loans, including fees | $ | $ | $ | $ | |||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | |||||||||||||||||||||||
Tax-exempt | |||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||
Other interest income | |||||||||||||||||||||||
Total Interest Income | |||||||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||
Long-term borrowings | |||||||||||||||||||||||
Total Interest Expense | |||||||||||||||||||||||
Net Interest Income | |||||||||||||||||||||||
Provision for credit losses | |||||||||||||||||||||||
Net Interest Income After Provision for Credit Losses | |||||||||||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||||||
Wealth management | |||||||||||||||||||||||
Commercial banking | |||||||||||||||||||||||
Consumer banking | |||||||||||||||||||||||
Mortgage banking | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Non-Interest Income Before Investment Securities Gains | |||||||||||||||||||||||
Investment securities gains, net | |||||||||||||||||||||||
Total Non-Interest Income | |||||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||
Salaries and employee benefits | |||||||||||||||||||||||
Net occupancy | |||||||||||||||||||||||
Data processing and software | |||||||||||||||||||||||
Other outside services | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Equipment | |||||||||||||||||||||||
State Taxes | |||||||||||||||||||||||
FDIC insurance | |||||||||||||||||||||||
Marketing | |||||||||||||||||||||||
Amortization of TCI | |||||||||||||||||||||||
Intangible amortization | |||||||||||||||||||||||
Prepayment penalty on FHLB advances | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Non-Interest Income | |||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
PER SHARE: | |||||||||||||||||||||||
Net Income (Basic) | $ | $ | $ | $ | |||||||||||||||||||
Net Income (Diluted) | |||||||||||||||||||||||
Cash Dividends | |||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income, net of tax: | |||||||||||||||||||||||
Unrealized gain on securities | |||||||||||||||||||||||
Reclassification adjustment for securities gains included in net income | ( | ( | ( | ( | |||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | |||||||||||||||||||||||
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | ( | ( | |||||||||||||||||||||
Amortization of net unrecognized pension and postretirement income | |||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||
Total Comprehensive Income | $ | $ | $ | $ | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Common Stock | Retained Earnings | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||
Shares Outstanding | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Stock issued | ( | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | |||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.13 per share | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Stock issued | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | |||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.13 per share | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Stock issued | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | |||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Impact of adopting CECL (1) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.26 per share | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||||||||||||||||||||
Stock issued | ( | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | |||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.26 per share | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | Six months ended June 30 | ||||||||||
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Depreciation and amortization of premises and equipment | |||||||||||
Amortization of TCI | |||||||||||
Net amortization of investment securities premiums | |||||||||||
Investment securities gains, net | ( | ( | |||||||||
Gain on sales of mortgage loans held for sale | ( | ( | |||||||||
Proceeds from sales of mortgage loans held for sale | |||||||||||
Originations of mortgage loans held for sale | ( | ( | |||||||||
Intangible amortization | |||||||||||
Amortization of issuance costs and discounts on long-term debt | |||||||||||
Stock-based compensation | |||||||||||
Other changes, net | ( | ( | |||||||||
Total adjustments | ( | ( | |||||||||
Net cash (used in) provided by operating activities | ( | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sales of securities AFS | |||||||||||
Proceeds from principal repayments and maturities of AFS securities | |||||||||||
Proceeds from principal repayments and maturities of HTM securities | |||||||||||
Purchase of securities AFS | ( | ( | |||||||||
Sale (purchase) of FRB and FHLB stock | ( | ||||||||||
Net increase in loans | ( | ( | |||||||||
Net purchases of premises and equipment | ( | ( | |||||||||
Net cash paid for acquisition | ( | ||||||||||
Net change in tax credit investments | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net increase (decrease) in demand and savings deposits | ( | ||||||||||
Net (decrease) increase in time deposits | ( | ||||||||||
(Decrease) increase in short-term borrowings | ( | ||||||||||
Additions to long-term debt | |||||||||||
Repayments of long-term debt | ( | ( | |||||||||
Net proceeds from issuance of common stock | |||||||||||
Dividends paid | ( | ( | |||||||||
Acquisition of treasury stock | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net Increase in Cash and Cash Equivalents | |||||||||||
Cash and Cash Equivalents at Beginning of Period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | |||||||||||
See Notes to Consolidated Financial Statements |
Standard | Description | Date of Anticipated Adoption | Effect on Financial Statements | ||||||||
ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans | This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. | Fiscal Year 2020 | The Corporation intends to adopt this standards update effective with its December 31, 2020 annual report on Form 10-K. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. | ||||||||
ASC Update 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This update is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. | First Quarter 2021 | The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This update is not expected to have a material impact on the consolidated financial statements. |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
State and municipal securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Auction rate securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | $ | |||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
State and municipal securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Collateralized mortgage obligations | ( | ||||||||||||||||||||||
Residential mortgage-backed securities | ( | ||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||
Auction rate securities | ( | ||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | ||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | $ | $ | $ | |||||||||||||||||||
Available for Sale | Held to Maturity | |||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | ||||||||||||||||||||||
Due from one year to five years | ||||||||||||||||||||||||||
Due from five years to ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
Residential mortgage-backed securities(1) | ||||||||||||||||||||||||||
Commercial mortgage-backed securities(1) | ||||||||||||||||||||||||||
Collateralized mortgage obligations(1) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans. |
Gross Realized Gains | Gross Realized Losses | Net Gains | |||||||||||||||
(in thousands) | |||||||||||||||||
Three months ended | |||||||||||||||||
June 30, 2020 | $ | $ | ( | $ | |||||||||||||
June 30, 2019 | ( | ||||||||||||||||
Six months ended | |||||||||||||||||
June 30, 2020 | $ | $ | ( | $ | |||||||||||||
June 30, 2019 | ( | ||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Auction rate securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total available for sale(1) | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Auction rate securities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total available for sale(1) | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | $ | |||||||||
Commercial and industrial | |||||||||||
Real-estate - residential mortgage | |||||||||||
Real-estate - home equity | |||||||||||
Real-estate - construction | |||||||||||
Consumer | |||||||||||
Equipment lease financing and other | |||||||||||
Overdrafts | |||||||||||
Gross loans | |||||||||||
Unearned income | ( | ( | |||||||||
Net Loans | $ | $ |
June 30, 2020 | |||||
(in thousands) | |||||
ACL - loans | $ | ||||
ACL - OBS credit exposure | |||||
Total ACL | $ |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Balance at beginning of period | $ | $ | |||||||||
Impact of adopting CECL (1) | |||||||||||
Loans charged off | ( | ( | |||||||||
Recoveries of loans previously charged off | |||||||||||
Net loans charged off | ( | ( | |||||||||
Provision for credit losses (2) | |||||||||||
Balance at end of period | $ | $ |
Real Estate - Commercial Mortgage | Commercial and Industrial | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Equipment lease financing, other and overdrafts | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Loans charged off | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Impact of CECL | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
ACL - Loans | Net Loans | ||||||||||||||||||||||||||||||||||||||||
Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total ACL - Loans | Collectively Evaluated for Impairment | Individually Evaluated for Impairment | Total Net Loans | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Real Estate - Commercial Mortgage | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Commercial and Industrial | |||||||||||||||||||||||||||||||||||||||||
Real Estate - Home Equity | |||||||||||||||||||||||||||||||||||||||||
Real Estate - Residential Mortgage | |||||||||||||||||||||||||||||||||||||||||
Real Estate - Construction | |||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||
Equipment Lease Financing and Other | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||
(in thousands) | |||||
Allowance for loan losses | $ | ||||
Reserve for unfunded lending commitments | |||||
ACL | $ |
Three months ended June 30, 2019 | Six months ended June 30, 2019 | ||||||||||
(in thousands) | |||||||||||
Balance at beginning of period | $ | $ | |||||||||
Loans charged off | ( | ( | |||||||||
Recoveries of loans previously charged off | |||||||||||
Net loans charged off | ( | ||||||||||
Provision for credit losses(1) | |||||||||||
Balance at end of period | $ | $ |
Real Estate - Commercial Mortgage | Commercial & Industrial | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Equipment lease financing, other and overdrafts | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Loans charged off | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Loans charged off | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | $ | $ | $ | $ |
Real Estate - Commercial Mortgage | Commercial and Industrial | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Equipment lease financing, other and overdrafts | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Net Loans: | |||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Non-accrual Loans | Non-accrual Loans | ||||||||||||||||||||||
With a Related Allowance | Without a Related Allowance | Total | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Real estate - residential mortgage | |||||||||||||||||||||||
Real estate - home equity | |||||||||||||||||||||||
Real estate - construction | |||||||||||||||||||||||
Equipment lease financing and other | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction | ||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||
Total real estate - construction | ||||||||||||||||||||||||||||||||
Real estate - construction | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ||||||||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||
Total commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial and industrial loans | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||
Total real estate - commercial | ||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||||||||
Substandard or Lower | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Pass | Special Mention | Substandard or Lower | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | $ | $ | $ | |||||||||||||||||||
Commercial and industrial - secured | |||||||||||||||||||||||
Commercial and industrial - unsecured | |||||||||||||||||||||||
Total commercial and industrial | |||||||||||||||||||||||
Construction - commercial residential | |||||||||||||||||||||||
Construction - commercial | |||||||||||||||||||||||
Total construction (excluding construction - other) | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
% of Total | % | % | % | % |
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||
Total real estate - home equity | ||||||||||||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||
Total real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||
Total consumer credit - other consumer loans | ||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Equipment Lease Financing and Other | ||||||||||||||||||||||||||||||||
Performing | — | |||||||||||||||||||||||||||||||
Nonperforming | — | |||||||||||||||||||||||||||||||
Total leasing and other | ||||||||||||||||||||||||||||||||
Equipment Lease Financing and other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Performing | ||||||||||||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||
Total leasing and other | ||||||||||||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | ||||||||||||||||||||||||||||||||
Current period recoveries | ||||||||||||||||||||||||||||||||
Current period net charge-offs | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Nonperforming | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||
Performing | Delinquent (1) | Non-performing (2) | Total | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate - home equity | $ | $ | $ | $ | |||||||||||||||||||
Real estate - residential mortgage | |||||||||||||||||||||||
Construction - other | |||||||||||||||||||||||
Consumer - direct | |||||||||||||||||||||||
Consumer - indirect | |||||||||||||||||||||||
Total consumer | |||||||||||||||||||||||
Equipment lease financing and other | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
% of Total | % | % | % | % |
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Non-accrual loans | $ | $ | |||||||||
Loans 90 days or more past due and still accruing | |||||||||||
Total non-performing loans | |||||||||||
OREO (1) | |||||||||||
Total non-performing assets | $ | $ |
30-59 | 60-89 | ≥ 90 Days | |||||||||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Non- | ||||||||||||||||||||||||||||||||
Due | Due | and Accruing | Accrual | Current | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | |||||||||||||||||||||||||||||||||||
Real estate – home equity | |||||||||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Equipment lease financing and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | ≥ 90 Days Past Due and Accruing | Non- accrual | Current | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | |||||||||||||||||||||||||||||||||||
Real estate – home equity | |||||||||||||||||||||||||||||||||||
Real estate – construction | |||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||
Equipment lease financing and other | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Real estate - residential mortgage | $ | $ | |||||||||
Real estate - commercial mortgage | |||||||||||
Real estate - home equity | |||||||||||
Commercial and industrial | |||||||||||
Consumer | |||||||||||
Total accruing TDRs | |||||||||||
Non-accrual TDRs (1) | |||||||||||
Total TDRs | $ | $ |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - home equity | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Originations of MSRs | |||||||||||||||||||||||
Amortization | ( | ( | ( | ( | |||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | |||||||||||||||||||
Valuation allowance: | |||||||||||||||||||||||
Balance at beginning of period | $ | ( | $ | $ | $ | ||||||||||||||||||
Additions to valuation allowance | ( | ( | |||||||||||||||||||||
Balance at end of period | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Net MSRs at end of period | $ | $ | $ | $ | |||||||||||||||||||
Estimated fair value of MSRs at end of period | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest Rate Locks with Customers | |||||||||||||||||||||||
Positive fair values | $ | $ | $ | $ | |||||||||||||||||||
Negative fair values | ( | ( | |||||||||||||||||||||
Forward Commitments | |||||||||||||||||||||||
Positive fair values | |||||||||||||||||||||||
Negative fair values | ( | ( | |||||||||||||||||||||
Interest Rate Swaps with Customers | |||||||||||||||||||||||
Positive fair values | |||||||||||||||||||||||
Negative fair values | ( | ( | |||||||||||||||||||||
Interest Rate Swaps with Dealer Counterparties | |||||||||||||||||||||||
Positive fair values | |||||||||||||||||||||||
Negative fair values | ( | ( | |||||||||||||||||||||
Foreign Exchange Contracts with Customers | |||||||||||||||||||||||
Positive fair values | |||||||||||||||||||||||
Negative fair values | ( | ( | |||||||||||||||||||||
Foreign Exchange Contracts with Correspondent Banks | |||||||||||||||||||||||
Positive fair values | |||||||||||||||||||||||
Negative fair values | ( | ( | |||||||||||||||||||||
Consolidated Statements of Income Classification | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage banking derivatives (1) | Mortgage banking income | $ | $ | ( | $ | $ | |||||||||||||||||||||||
Interest rate swaps | Other expense | ||||||||||||||||||||||||||||
Foreign exchange contracts | Other income | ( | ( | ||||||||||||||||||||||||||
Net fair value gains on derivative financial instruments | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Amortized cost (1) | $ | $ | |||||||||
Fair value |
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||
Recognized | on the Consolidated | ||||||||||||||||||||||
on the | Balance Sheets | ||||||||||||||||||||||
Consolidated | Financial | Cash | Net | ||||||||||||||||||||
Balance Sheets | Instruments(1) | Collateral (2) | Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | $ | ( | $ | $ | ||||||||||||||||||
Foreign exchange derivative assets with correspondent banks | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ||||||||||||||||||
Interest rate swap derivative liabilities | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ | |||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | $ | ( | $ | $ | ||||||||||||||||||
Foreign exchange derivative assets with correspondent banks | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ||||||||||||||||||
Interest rate swap derivative liabilities | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | ( | ||||||||||||||||||||||
Total | $ | $ | ( | $ | ( | $ |
June 30, | December 31, | ||||||||||||||||
2020 | 2019 | ||||||||||||||||
Included in other assets: | (in thousands) | ||||||||||||||||
Affordable housing tax credit investment, net | $ | $ | |||||||||||||||
Other tax credit investments, net | |||||||||||||||||
Total TCIs, net | $ | $ | |||||||||||||||
Included in other liabilities: | |||||||||||||||||
Unfunded affordable housing tax credit commitments | $ | $ | |||||||||||||||
Other tax credit liabilities | |||||||||||||||||
Total unfunded tax credit commitments and liabilities | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Components of income taxes: | (in thousands) | ||||||||||||||||||||||||||||
Affordable housing tax credits and other tax benefits | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Other tax credit investment credits and tax benefits | ( | ( | ( | ( | |||||||||||||||||||||||||
Amortization of affordable housing investments, net of tax benefit | |||||||||||||||||||||||||||||
Deferred tax expense | |||||||||||||||||||||||||||||
Total net reduction in income tax expense | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Amortization of TCIs: | |||||||||||||||||||||||||||||
Affordable housing tax credits investment | $ | $ | $ | $ | |||||||||||||||||||||||||
Other tax credit investment amortization | |||||||||||||||||||||||||||||
Total amortization of TCIs | $ | $ | $ | $ |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||
Three months ended June 30, 2020 | (in thousands) | ||||||||||||||||
Unrealized gain on securities | $ | $ | ( | $ | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | ( | ( | |||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | ( | ||||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | ( | ||||||||||||||||
Total Other Comprehensive Income | $ | $ | ( | $ | |||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||
Unrealized gain on securities | $ | $ | ( | $ | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | ( | ( | |||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | ( | ||||||||||||||||
Non-credit related unrealized losses on other-than-temporarily impaired debt securities | ( | ( | |||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | ( | ||||||||||||||||
Total Other Comprehensive Income | $ | $ | ( | $ | |||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Unrealized gain on securities (3) | $ | $ | ( | $ | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | ( | ( | |||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) (3) | ( | ||||||||||||||||
Amortization of net unrecognized pension and postretirement items (4) | ( | ||||||||||||||||
Total Other Comprehensive Income | $ | $ | ( | $ | |||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||
Unrealized gain on securities | $ | $ | ( | $ | |||||||||||||
Reclassification adjustment for securities gains included in net income (1) | ( | ( | |||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | ( | ||||||||||||||||
Non-credit related unrealized losses on other-than-temporarily impaired debt securities | ( | ( | |||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | ( | ||||||||||||||||
Total Other Comprehensive Income | $ | $ | ( | $ |
Unrealized Gains (Losses) on Investment Securities | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | |||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | |||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||||||||
Balance at March 31, 2019 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | |||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | |||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | |||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ||||||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||||||||
Balance at December 31, 2018 | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Other comprehensive income before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | |||||||||||||||||||||||
Balance at June 30, 2019 | $ | $ | ( | $ | ( | $ | ( |
June 30, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | |||||||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Auction rate securities | |||||||||||||||||||||||
Total available for sale investment securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | $ | $ | $ | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
December 31, 2019 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | $ | $ | $ | |||||||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
State and municipal securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Collateralized mortgage obligations | |||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Auction rate securities | |||||||||||||||||||||||
Total available for sale investment securities | |||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | $ | $ | $ | |||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||
Total liabilities | $ | $ | $ | $ |
Pooled Trust Preferred Securities | Single-issuer Trust Preferred Securities | ARCs | |||||||||||||||
Three months ended June 30, 2020 | (in thousands) | ||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ||||||||||||||
Sales | ( | ||||||||||||||||
Unrealized adjustment to fair value (1) | |||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ||||||||||||||
Three months ended June 30, 2019 | |||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | ||||||||||||||
Sales | ( | ||||||||||||||||
Unrealized adjustment to fair value (1) | ( | ||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||||||||||
Sales | ( | ||||||||||||||||
Unrealized adjustment to fair value (1) | ( | ( | |||||||||||||||
Discount accretion | |||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ||||||||||||||
Six months ended June 30, 2019 | |||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | ||||||||||||||
Sales | ( | ||||||||||||||||
Unrealized adjustment to fair value (1) | ( | ( | |||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Net Loans | $ | $ | |||||||||
OREO | |||||||||||
MSRs (1) | |||||||||||
Total assets | $ | $ |
June 30, 2020 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
FRB and FHLB stock | |||||||||||||||||
Loans held for sale | |||||||||||||||||
AFS securities | |||||||||||||||||
HTM securities | |||||||||||||||||
Net Loans | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Other assets | |||||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | $ | $ | $ | $ | ||||||||||||
Brokered deposits | |||||||||||||||||
Time deposits | |||||||||||||||||
Short-term borrowings | |||||||||||||||||
Accrued interest payable | |||||||||||||||||
FHLB advances and long-term debt | |||||||||||||||||
Other liabilities | |||||||||||||||||
December 31, 2019 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||
FRB and FHLB stock | |||||||||||||||||
Loans held for sale | |||||||||||||||||
AFS securities | |||||||||||||||||
HTM securities | |||||||||||||||||
Net Loans | |||||||||||||||||
Accrued interest receivable | |||||||||||||||||
Other assets | |||||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | $ | $ | $ | $ | ||||||||||||
Brokered deposits | |||||||||||||||||
Time deposits | |||||||||||||||||
Short-term borrowings | |||||||||||||||||
Accrued interest payable | |||||||||||||||||
FHLB advances and long-term debt | |||||||||||||||||
Other liabilities |
Assets | Liabilities | |||||||
Cash and cash equivalents | Demand and savings deposits | |||||||
Accrued interest receivable | Short-term borrowings | |||||||
Accrued interest payable |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Weighted average shares outstanding (basic) | |||||||||||||||||||||||
Impact of common stock equivalents | |||||||||||||||||||||||
Weighted average shares outstanding (diluted) | |||||||||||||||||||||||
Per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Compensation expense | $ | $ | $ | $ | |||||||||||||||||||
Tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Stock-based compensation expense, net of tax benefit | $ | $ | $ | $ |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Net amortization and deferral | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ | |||||||||||||||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | $ | $ | $ | |||||||||||||||||||
Net accretion and deferral | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit | $ | ( | $ | ( | $ | ( | $ | ( |
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Commitments to extend credit | $ | $ | |||||||||
Standby letters of credit | |||||||||||
Commercial letters of credit |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (in thousands) | $39,559 | $59,779 | $65,606 | $116,442 | |||||||||||||||||||
Diluted net income per share | $0.24 | $0.35 | $0.40 | $0.68 | |||||||||||||||||||
Return on average assets | 0.66% | 1.14% | 0.57% | 1.12% | |||||||||||||||||||
Return on average shareholders' equity | 6.89% | 10.42% | 5.68% | 10.28% | |||||||||||||||||||
Return on average tangible shareholders' equity (1) | 8.99% | 13.60% | 7.40% | 13.44% | |||||||||||||||||||
Net interest margin (2) | 2.81% | 3.44% | 3.01% | 3.46% | |||||||||||||||||||
Efficiency ratio (1) | 66.4% | 64.2% | 65.4% | 64.1% | |||||||||||||||||||
Non-performing assets to total assets | 0.59% | 0.73% | 0.59% | 0.73% | |||||||||||||||||||
Annualized net charge-offs (recoveries) to average loans | 0.09% | (0.04)% | 0.17% | 0.03% |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Return on average tangible shareholders' equity | |||||||||||||||||||||||
Net income | $ | 39,559 | $ | 59,779 | $ | 65,606 | $ | 116,442 | |||||||||||||||
Plus: Intangible amortization, net of tax | 104 | 85 | 208 | 170 | |||||||||||||||||||
Numerator | $ | 39,663 | $ | 59,864 | $ | 65,814 | $ | 116,612 | |||||||||||||||
Average common shareholders' equity | $ | 2,309,133 | $ | 2,301,258 | $ | 2,323,074 | $ | 2,283,278 | |||||||||||||||
Less: Average goodwill and intangible assets | (535,103) | (535,301) | (535,169) | (533,544) | |||||||||||||||||||
Average tangible shareholders' equity (denominator) | $ | 1,774,030 | $ | 1,765,957 | $ | 1,787,905 | $ | 1,749,734 | |||||||||||||||
Return on average tangible shareholders' equity, annualized | 8.99 | % | 13.60 | % | 7.40 | % | 13.44 | % | |||||||||||||||
Efficiency ratio | |||||||||||||||||||||||
Non-interest expense | $ | 143,006 | $ | 144,168 | $ | 285,558 | $ | 281,992 | |||||||||||||||
Less: Prepayment penalty on FHLB advances | (2,878) | — | (2,878) | — | |||||||||||||||||||
Less: Amortization of tax credit investments | (1,450) | (1,492) | (2,900) | (2,983) | |||||||||||||||||||
Less: Intangible amortization | (132) | (107) | (264) | (214) | |||||||||||||||||||
Numerator | $ | 138,546 | $ | 142,569 | $ | 279,516 | $ | 278,795 | |||||||||||||||
Net interest income (FTE) (1) | $ | 155,854 | $ | 167,796 | $ | 319,825 | $ | 334,360 | |||||||||||||||
Plus: Total non-interest income | 55,922 | 54,315 | 110,566 | 101,066 | |||||||||||||||||||
Less: Investment securities gains, net | (3,005) | (176) | (3,051) | (241) | |||||||||||||||||||
Denominator | $ | 208,771 | $ | 221,935 | $ | 427,340 | $ | 435,185 | |||||||||||||||
Efficiency ratio | 66.4 | % | 64.2 | % | 65.4 | % | 64.1 | % |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net Loans (1) | $ | 18,331,797 | $ | 160,613 | 3.52 | % | $ | 16,316,076 | $ | 190,694 | 4.69 | % | |||||||||||||||||||||||
Taxable investment securities (2) | 2,200,870 | 15,171 | 2.76 | 2,348,443 | 15,935 | 2.71 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 830,836 | 6,737 | 3.23 | 444,227 | 4,141 | 3.70 | |||||||||||||||||||||||||||||
Total investment securities | 3,031,706 | 21,908 | 2.89 | 2,792,670 | 20,076 | 2.87 | |||||||||||||||||||||||||||||
Loans held for sale | 55,608 | 509 | 3.66 | 24,568 | 350 | 5.71 | |||||||||||||||||||||||||||||
Other interest-earning assets | 815,910 | 766 | 0.38 | 409,617 | 2,168 | 2.12 | |||||||||||||||||||||||||||||
Total interest-earning assets | 22,235,021 | 183,796 | 3.32 | 19,542,931 | 213,288 | 4.37 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 153,728 | 116,285 | |||||||||||||||||||||||||||||||||
Premises and equipment | 240,417 | 240,666 | |||||||||||||||||||||||||||||||||
Other assets | 1,761,038 | 1,321,057 | |||||||||||||||||||||||||||||||||
Less: ACL - loans (3) | (251,088) | (163,909) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 24,139,116 | $ | 21,057,030 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,103,419 | $ | 2,219 | 0.17 | % | $ | 4,186,280 | $ | 8,173 | 0.78 | % | |||||||||||||||||||||||
Savings deposits | 5,446,368 | 3,331 | 0.25 | 4,925,788 | 10,550 | 0.86 | |||||||||||||||||||||||||||||
Brokered deposits | 312,121 | 422 | 0.54 | 246,154 | 1,582 | 2.58 | |||||||||||||||||||||||||||||
Time deposits | 2,624,962 | 11,145 | 1.71 | 2,816,424 | 12,245 | 1.74 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 13,486,870 | 17,118 | 0.51 | 12,174,646 | 32,550 | 1.07 | |||||||||||||||||||||||||||||
Short-term borrowings | 707,771 | 517 | 0.29 | 941,504 | 4,462 | 1.89 | |||||||||||||||||||||||||||||
FHLB advances and long-term debt | 1,361,421 | 10,307 | 3.03 | 1,051,919 | 8,480 | 3.23 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,556,062 | 27,942 | 0.72 | 14,168,069 | 45,492 | 1.29 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 5,789,788 | 4,200,810 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 19,276,658 | 0.36 | 16,375,456 | 0.80 | |||||||||||||||||||||||||||||||
Other liabilities | 484,133 | 386,893 | |||||||||||||||||||||||||||||||||
Total Liabilities | 21,829,983 | 18,755,772 | |||||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 21,345,850 | 0.53 | 18,368,879 | 0.93 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,309,133 | 2,301,258 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 24,139,116 | $ | 21,057,030 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 155,854 | 2.81 | % | 167,796 | 3.44 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (3,100) | (3,252) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 152,754 | $ | 164,544 |
2020 vs. 2019 Increase (Decrease) due to change in | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
FTE Interest income on: | |||||||||||||||||
Net Loans | $ | 21,408 | $ | (51,489) | $ | (30,081) | |||||||||||
Taxable investment securities | (1,131) | 367 | (764) | ||||||||||||||
Tax-exempt investment securities | 3,170 | (574) | 2,596 | ||||||||||||||
Loans held for sale | 319 | (160) | 159 | ||||||||||||||
Other interest-earning assets | 1,173 | (2,575) | (1,402) | ||||||||||||||
Total interest income | $ | 24,939 | $ | (54,431) | $ | (29,492) | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | 1,275 | $ | (7,229) | $ | (5,954) | |||||||||||
Savings deposits | 1,007 | (8,225) | (7,218) | ||||||||||||||
Brokered deposits | 267 | (1,427) | (1,160) | ||||||||||||||
Time deposits | (877) | (223) | (1,100) | ||||||||||||||
Short-term borrowings | (896) | (3,048) | (3,945) | ||||||||||||||
Long-term borrowings | 2,364 | (537) | 1,827 | ||||||||||||||
Total interest expense | $ | 3,139 | $ | (20,689) | $ | (17,550) |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2020 | 2019 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 6,875,872 | 3.47 | % | $ | 6,424,213 | 4.67 | % | $ | 451,659 | 7.0 | % | |||||||||||||||||||||||
Commercial and industrial | 5,710,145 | 3.35 | 4,440,860 | 4.73 | 1,269,285 | 28.6 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 2,769,682 | 3.88 | 2,366,685 | 4.09 | 402,997 | 17.0 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,271,190 | 3.91 | 1,404,141 | 5.35 | (132,951) | (9.5) | |||||||||||||||||||||||||||||
Real estate – construction | 941,079 | 3.53 | 943,080 | 5.29 | (2,001) | (0.2) | |||||||||||||||||||||||||||||
Consumer | 465,728 | 4.17 | 445,666 | 4.38 | 20,062 | 4.5 | |||||||||||||||||||||||||||||
Equipment lease financing | 284,658 | 3.44 | 279,619 | 4.45 | 5,039 | 1.8 | |||||||||||||||||||||||||||||
Other | 13,443 | — | 11,812 | — | 1,631 | 13.8 | |||||||||||||||||||||||||||||
Total loans | $ | 18,331,797 | 3.52 | % | $ | 16,316,076 | 4.69 | % | $ | 2,015,721 | 12.4 | % |
Three months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 5,789,788 | — | % | $ | 4,200,810 | — | % | $ | 1,588,978 | 37.8 | % | |||||||||||||||||||||||
Interest-bearing demand | 5,103,419 | 0.17 | 4,186,280 | 0.78 | 917,139 | 21.9 | |||||||||||||||||||||||||||||
Savings | 5,446,368 | 0.25 | 4,925,788 | 0.86 | 520,580 | 10.6 | |||||||||||||||||||||||||||||
Total demand and savings | 16,339,575 | 0.14 | 13,312,878 | 0.56 | 3,026,697 | 22.7 | |||||||||||||||||||||||||||||
Brokered deposits | 312,121 | 0.54 | 246,154 | 2.58 | 65,967 | 26.8 | |||||||||||||||||||||||||||||
Time deposits | 2,624,962 | 1.71 | 2,816,424 | 1.74 | (191,462) | (6.8) | |||||||||||||||||||||||||||||
Total deposits | $ | 19,276,658 | 0.36 | % | $ | 16,375,456 | 0.80 | % | $ | 2,901,202 | 17.7 | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2020 | 2019 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||||||||
Total short-term customer funding(1) | $ | 546,716 | 0.23 | % | $ | 344,867 | 0.77 | % | $ | 201,849 | 58.5 | % | |||||||||||||||||||||||
Federal funds purchased | 74,231 | 0.06 | 181,769 | 2.41 | (107,538) | (59.2) | |||||||||||||||||||||||||||||
Short-term FHLB advances and other borrowings (2) | 86,824 | 0.90 | 414,868 | 2.58 | (328,044) | (79.1) | |||||||||||||||||||||||||||||
Total short-term borrowings | 707,771 | 0.29 | 941,504 | 1.89 | (233,733) | (24.8) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | 601,938 | 1.88 | 664,656 | 2.49 | (62,718) | (9.4) | |||||||||||||||||||||||||||||
Other long-term debt | 759,483 | 3.94 | 387,263 | 4.49 | 372,220 | 96.1 | |||||||||||||||||||||||||||||
Total long-term borrowings | 1,361,421 | 3.03 | 1,051,919 | 3.23 | 309,502 | 29.4 | |||||||||||||||||||||||||||||
Total borrowings | $ | 2,069,192 | 2.10 | % | $ | 1,993,423 | 2.59 | % | $ | 75,769 | 3.8 | % | |||||||||||||||||||||||
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Wealth management fees | $ | 13,407 | $ | 14,153 | $ | (746) | (5.3) | % | |||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | 5,326 | 6,512 | (1,186) | (18.2) | |||||||||||||||||||
Cash management | 4,503 | 4,638 | (135) | (2.9) | |||||||||||||||||||
Capital markets | 5,004 | 4,053 | 951 | 23.5 | |||||||||||||||||||
Other commercial banking | 1,914 | 3,815 | (1,901) | (49.8) | |||||||||||||||||||
Total commercial banking | 16,748 | 19,018 | (2,270) | (11.9) | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 4,966 | 5,047 | (81) | (1.6) | |||||||||||||||||||
Overdraft | 2,107 | 4,413 | (2,306) | (52.3) | |||||||||||||||||||
Other consumer banking | 2,065 | 2,907 | (842) | (29.0) | |||||||||||||||||||
Total consumer banking | 9,138 | 12,367 | (3,229) | (26.1) | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 16,547 | 5,180 | 11,367 | N/M | |||||||||||||||||||
Mortgage servicing income | (6,584) | 1,413 | (7,997) | N/M | |||||||||||||||||||
Total mortgage banking | 9,964 | 6,593 | 3,371 | 51.1 | |||||||||||||||||||
Other | 3,660 | 2,008 | 1,652 | 82.3 | |||||||||||||||||||
Non-interest income before investment securities gains | 52,917 | 54,139 | (1,222) | (2.3) | |||||||||||||||||||
Investment securities gains, net | 3,005 | 176 | 2,829 | N/M | |||||||||||||||||||
Total Non-Interest Income | $ | 55,922 | $ | 54,315 | $ | 1,607 | 3.0 | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 81,012 | $ | 78,991 | $ | 2,021 | 2.6 | % | |||||||||||||||
Net occupancy | 13,144 | 14,469 | (1,325) | (9.2) | |||||||||||||||||||
Data processing and software | 12,193 | 11,268 | 925 | 8.2 | |||||||||||||||||||
Other outside services | 7,600 | 11,259 | (3,659) | (32.5) | |||||||||||||||||||
Professional fees | 3,331 | 2,970 | 361 | 12.2 | |||||||||||||||||||
Equipment | 3,193 | 3,299 | (106) | (3.2) | |||||||||||||||||||
State taxes | 3,088 | 2,480 | 608 | 24.5 | |||||||||||||||||||
FDIC insurance | 2,133 | 2,755 | (622) | (22.6) | |||||||||||||||||||
Marketing | 1,303 | 2,863 | (1,560) | (54.5) | |||||||||||||||||||
Amortization of TCI | 1,450 | 1,492 | (42) | (2.8) | |||||||||||||||||||
Intangible amortization | 132 | 107 | 25 | 23.4 | |||||||||||||||||||
Prepayment penalty on FHLB advances | 2,878 | — | 2,878 | N/M | |||||||||||||||||||
Other | 11,549 | 12,215 | (666) | (5.5) | |||||||||||||||||||
Total non-interest expense | $ | 143,006 | $ | 144,168 | $ | (1,162) | (0.8) | % |
Six months ended June 30 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net Loans(1) | $ | 17,595,932 | $ | 338,110 | 3.86 | % | $ | 16,255,562 | $ | 376,816 | 4.67 | % | |||||||||||||||||||||||
Taxable investment securities (2) | 2,242,663 | 31,465 | 2.81 | 2,317,257 | 31,370 | 2.71 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 775,530 | 12,698 | 3.26 | 444,180 | 8,291 | 3.71 | |||||||||||||||||||||||||||||
Total investment securities | 3,018,193 | 44,163 | 2.92 | 2,761,437 | 39,661 | 2.87 | |||||||||||||||||||||||||||||
Loans held for sale | 41,393 | 829 | 4.00 | 20,523 | 590 | 5.76 | |||||||||||||||||||||||||||||
Other interest-earning assets | 709,091 | 3,297 | 4.31 | 388,016 | 4,170 | 2.16 | |||||||||||||||||||||||||||||
Total interest-earning assets | 21,364,609 | 386,399 | 3.63 | 19,425,538 | 421,237 | 4.36 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 145,988 | 113,504 | |||||||||||||||||||||||||||||||||
Premises and equipment | 240,019 | 238,905 | |||||||||||||||||||||||||||||||||
Other assets | 1,675,849 | 1,259,388 | |||||||||||||||||||||||||||||||||
Less: ACL - loans(3) | (230,858) | (162,624) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 23,195,607 | $ | 20,874,711 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 4,876,662 | $ | 8,020 | 0.33 | % | $ | 4,170,221 | $ | 15,692 | 0.76 | % | |||||||||||||||||||||||
Savings and money market deposits | 5,287,015 | 10,441 | 0.40 | 4,919,357 | 20,512 | 0.84 | |||||||||||||||||||||||||||||
Brokered deposits | 293,756 | 1,495 | 1.02 | 233,244 | 2,964 | 2.56 | |||||||||||||||||||||||||||||
Time deposits | 2,693,202 | 23,602 | 1.76 | 2,791,216 | 23,071 | 1.67 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 13,150,635 | 43,558 | 0.67 | 12,114,038 | 62,239 | 1.04 | |||||||||||||||||||||||||||||
Short-term borrowings | 1,005,409 | 4,590 | 0.91 | 881,115 | 8,044 | 1.83 | |||||||||||||||||||||||||||||
FHLB advances and other long-term debt | 1,212,318 | 18,426 | 3.04 | 1,027,328 | 16,594 | 3.24 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,368,362 | 66,574 | 0.87 | 14,022,481 | 86,877 | 1.25 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 5,048,408 | 4,211,782 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 18,199,043 | 0.48 | % | 16,325,820 | 0.77 | % | |||||||||||||||||||||||||||||
Other liabilities | 455,763 | 357,170 | |||||||||||||||||||||||||||||||||
Total Liabilities | 20,872,533 | 18,591,433 | |||||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 20,416,770 | 0.65 | % | 18,234,263 | 0.96 | % | |||||||||||||||||||||||||||||
Shareholders’ equity | 2,323,074 | 2,283,278 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 23,195,607 | $ | 20,874,711 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 319,825 | 3.01 | % | 334,360 | 3.46 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (6,325) | (6,501) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 313,500 | $ | 327,859 |
2020 vs. 2019 Increase (Decrease) due to change in | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
FTE Interest income on: | |||||||||||||||||
Net Loans | $ | 8,601 | $ | (47,307) | $ | (38,706) | |||||||||||
Taxable investment securities | 83 | 13 | 96 | ||||||||||||||
Tax-exempt investment securities | 4,643 | (237) | 4,407 | ||||||||||||||
Loans held for sale | 322 | (83) | 239 | ||||||||||||||
Other interest-earning assets | 882 | (1,755) | (873) | ||||||||||||||
Total interest income | $ | 14,531 | $ | (49,369) | $ | (34,838) | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | 61 | $ | (7,734) | $ | (7,673) | |||||||||||
Savings deposits | 97 | (10,168) | (10,071) | ||||||||||||||
Brokered deposits | 32 | (1,501) | (1,469) | ||||||||||||||
Time deposits | 351 | 180 | 531 | ||||||||||||||
Short-term borrowings | 122 | (3,576) | (3,454) | ||||||||||||||
Long-term borrowings | 2,125 | (292) | 1,833 | ||||||||||||||
Total interest expense | $ | 2,788 | $ | (23,091) | $ | (20,303) |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2020 | 2019 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 6,811,318 | 3.83 | % | $ | 6,401,305 | 4.68 | % | $ | 410,013 | 6.4 | % | |||||||||||||||||||||||
Commercial and industrial | 5,078,448 | 3.73 | 4,451,677 | 4.68 | 626,771 | 14.1 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 2,719,851 | 3.93 | 2,321,897 | 5.34 | 397,954 | 17.1 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,285,661 | 4.32 | 1,418,776 | 4.07 | (133,115) | (9.4) | |||||||||||||||||||||||||||||
Real estate – construction | 935,304 | 3.83 | 936,699 | 5.06 | (1,395) | (0.1) | |||||||||||||||||||||||||||||
Consumer | 466,071 | 4.25 | 435,131 | 4.43 | 30,940 | 7.1 | |||||||||||||||||||||||||||||
Equipment lease financing | 284,612 | 3.88 | 278,290 | 4.42 | 6,322 | 2.3 | |||||||||||||||||||||||||||||
Other | 14,667 | — | 11,787 | — | 2,880 | 24.4 | |||||||||||||||||||||||||||||
Total loans | $ | 17,595,932 | 3.86 | % | $ | 16,255,562 | 4.67 | % | $ | 1,340,370 | 8.2 | % |
Six months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 5,048,408 | — | % | $ | 4,211,782 | — | % | $ | 836,626 | 19.9 | % | |||||||||||||||||||||||
Interest-bearing demand | 4,876,662 | 0.33 | 4,170,221 | 0.76 | 706,441 | 16.9 | |||||||||||||||||||||||||||||
Savings | 5,287,015 | 0.40 | 4,919,357 | 0.84 | 367,658 | 7.5 | |||||||||||||||||||||||||||||
Total demand and savings | 15,212,085 | 0.24 | 13,301,360 | 0.55 | 1,910,725 | 14.4 | |||||||||||||||||||||||||||||
Brokered deposits | 293,756 | 1.02 | 233,206 | 2.56 | 60,550 | 26.0 | |||||||||||||||||||||||||||||
Time deposits | 2,693,202 | 1.76 | 2,791,254 | 1.67 | (98,052) | (3.5) | |||||||||||||||||||||||||||||
Total deposits | $ | 18,199,043 | 0.48 | % | $ | 16,325,820 | 0.77 | % | $ | 1,873,223 | 11.5 | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2020 | 2019 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||||||||
Total short-term customer funding(1) | $ | 487,478 | 0.38 | % | $ | 492,209 | 1.26 | % | $ | (4,731) | (1.0) | % | |||||||||||||||||||||||
Federal funds purchased | 130,549 | 0.82 | 169,514 | 2.42 | (38,965) | (23.0) | |||||||||||||||||||||||||||||
Short-term FHLB advances and other borrowings(2) | 387,382 | 1.61 | 219,392 | 2.64 | 167,990 | 76.6 | |||||||||||||||||||||||||||||
Total short-term borrowings | 1,005,409 | 0.91 | 881,115 | 1.83 | 124,294 | 14.1 | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | 579,445 | 1.91 | 640,136 | 2.49 | (60,691) | (9.5) | |||||||||||||||||||||||||||||
Other long-term debt | 632,873 | 4.09 | 387,192 | 4.49 | 245,681 | 63.5 | |||||||||||||||||||||||||||||
Total long-term borrowings | 1,212,318 | 3.04 | 1,027,328 | 3.24 | 184,990 | 18.0 | |||||||||||||||||||||||||||||
Total borrowings | $ | 2,217,727 | 2.08 | % | $ | 1,908,443 | 2.59 | % | $ | 309,284 | 16.2 | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Wealth management fees | $ | 28,462 | $ | 27,392 | $ | 1,070 | 3.9 | % | |||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | 10,950 | 12,070 | (1,120) | (9.3) | |||||||||||||||||||
Cash management | 9,245 | 8,999 | 246 | 2.7 | |||||||||||||||||||
Capital markets | 10,079 | 6,568 | 3,511 | 53.5 | |||||||||||||||||||
Other commercial banking | 4,892 | 6,631 | (1,739) | (26.2) | |||||||||||||||||||
Total commercial banking | 35,167 | 34,268 | 899 | 2.6 | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 9,651 | 9,733 | (82) | (0.8) | |||||||||||||||||||
Overdraft | 6,165 | 8,517 | (2,352) | (27.6) | |||||||||||||||||||
Other consumer banking | 4,561 | 5,494 | (933) | (17.0) | |||||||||||||||||||
Total consumer banking | 20,377 | 23,744 | (3,367) | (14.2) | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 22,728 | 8,302 | 14,426 | 173.8 | |||||||||||||||||||
Mortgage servicing income | (6,530) | 3,063 | (9,593) | (313.2) | |||||||||||||||||||
Total mortgage banking | 16,198 | 11,365 | 4,833 | 42.5 | |||||||||||||||||||
Other | 7,311 | 4,056 | 3,255 | 80.3 | |||||||||||||||||||
Non-interest income before investment securities gains | 107,515 | 100,825 | 6,690 | 6.6 | |||||||||||||||||||
Investment securities gains, net | 3,051 | 241 | 2,810 | N/M | |||||||||||||||||||
Total Non-Interest Income | $ | 110,566 | $ | 101,066 | $ | 9,500 | 9.4 | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 161,240 | $ | 156,748 | $ | 4,492 | 2.9 | % | |||||||||||||||
Net occupancy | 26,630 | 27,378 | (748) | (2.7) | |||||||||||||||||||
Data processing and software | 23,838 | 21,621 | 2,217 | 10.3 | |||||||||||||||||||
Other outside services | 15,481 | 19,611 | (4,130) | (21.1) | |||||||||||||||||||
Professional fees | 7,533 | 6,930 | 603 | 8.7 | |||||||||||||||||||
Equipment | 6,611 | 6,641 | (30) | (0.5) | |||||||||||||||||||
State taxes | 5,891 | 4,482 | 1,409 | 31.4 | |||||||||||||||||||
FDIC insurance | 4,941 | 5,364 | (423) | (7.9) | |||||||||||||||||||
Marketing | 2,882 | 5,023 | (2,141) | (42.6) | |||||||||||||||||||
Amortization of tax credit investments | 2,900 | 2,983 | (83) | (2.8) | |||||||||||||||||||
Intangible amortization | 264 | 214 | 50 | 23.4 | |||||||||||||||||||
Prepayment penalty on FHLB advances | 2,878 | — | 2,878 | N/M | |||||||||||||||||||
Other | 24,469 | 24,997 | (528) | (2.1) | |||||||||||||||||||
Total non-interest expense | $ | 285,558 | $ | 281,992 | $ | 3,566 | 1.3 | % |
June 30, 2020 | December 31, 2019 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,058,599 | $ | 517,791 | $ | 540,808 | 104.4 | % | |||||||||||||||
FRB and FHLB Stock | 91,042 | 97,422 | (6,380) | (6.5) | |||||||||||||||||||
Loans held for sale | 77,415 | 37,828 | 39,587 | 104.6 | |||||||||||||||||||
Investment securities | 2,974,813 | 2,867,378 | 107,435 | 3.7 | |||||||||||||||||||
Net Loans | 18,448,185 | 16,673,904 | 1,774,281 | 10.6 | |||||||||||||||||||
Premises and equipment | 239,596 | 240,046 | (450) | (0.2) | |||||||||||||||||||
Goodwill and intangibles | 535,039 | 535,303 | (264) | — | |||||||||||||||||||
Other assets | 1,193,174 | 916,368 | 276,806 | 30.2 | |||||||||||||||||||
Total Assets | $ | 24,617,863 | $ | 21,886,040 | $ | 2,731,823 | 12.5 | % | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
Deposits | $ | 19,884,208 | $ | 17,393,913 | $ | 2,490,295 | 14.3 | % | |||||||||||||||
Short-term borrowings | 572,551 | 883,241 | (310,690) | (35.2) | |||||||||||||||||||
Long-term borrowings | 1,295,196 | 881,769 | 413,427 | 46.9 | |||||||||||||||||||
Other liabilities | 525,407 | 384,941 | 140,466 | 36.5 | |||||||||||||||||||
Total Liabilities | 22,277,362 | 19,543,864 | 2,733,498 | 14.0 | |||||||||||||||||||
Total Shareholders’ Equity | 2,340,501 | 2,342,176 | (1,675) | (0.1) | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 24,617,863 | $ | 21,886,040 | $ | 2,731,823 | 12.5 | % |
June 30, 2020 | December 31, 2019 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
State and municipal securities | $ | 893,682 | $ | 652,927 | $ | 240,755 | 36.9 | % | |||||||||||||||
Corporate debt securities | 325,353 | 377,357 | (52,004) | (13.8) | |||||||||||||||||||
Collateralized mortgage obligations | 578,394 | 693,718 | (115,324) | (16.6) | |||||||||||||||||||
Residential mortgage-backed securities | 160,868 | 177,312 | (16,444) | (9.3) | |||||||||||||||||||
Commercial mortgage-backed securities | 585,143 | 494,297 | 90,846 | 18.4 | |||||||||||||||||||
Auction rate securities | 100,859 | 101,926 | (1,067) | (1.0) | |||||||||||||||||||
Total available for sale securities | $ | 2,644,299 | $ | 2,497,537 | $ | 146,762 | 5.9 | % | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 330,514 | $ | 369,841 | $ | (39,327) | (10.6) | % | |||||||||||||||
Total Investment Securities | $ | 2,974,813 | $ | 2,867,378 | $ | 107,435 | 3.7 | % |
June 30, 2020 | December 31, 2019 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate – commercial mortgage | $ | 6,934,936 | $ | 6,700,776 | $ | 234,160 | 3.5 | % | |||||||||||||||
Commercial and industrial | 5,971,201 | 4,446,701 | 1,524,500 | 34.3 | |||||||||||||||||||
Real estate – residential mortgage | 2,862,226 | 2,641,465 | 220,761 | 8.4 | |||||||||||||||||||
Real estate – home equity | 1,251,455 | 1,314,944 | (63,489) | (4.8) | |||||||||||||||||||
Real estate – construction | 972,909 | 971,079 | 1,830 | 0.2 | |||||||||||||||||||
Consumer | 465,610 | 463,164 | 2,446 | 0.5 | |||||||||||||||||||
Equipment lease financing and other | 266,521 | 322,625 | (56,104) | (17.4) | |||||||||||||||||||
Overdrafts | 3,622 | 3,582 | 40 | 1.1 | |||||||||||||||||||
Gross loans | 18,728,480 | 16,864,336 | 1,864,144 | 11.1 | |||||||||||||||||||
Unearned income | (23,758) | (26,810) | 3,052 | (11.4) | |||||||||||||||||||
Net Loans | $ | 18,704,722 | $ | 16,837,526 | $ | 1,867,196 | 11.1 | % |
June 30, 2020 | December 31, 2019 | ||||||||||
Real estate (1) | 38.2 | % | 41.4 | % | |||||||
Health care | 7.2 | 8.1 | |||||||||
Agriculture | 5.8 | 7.1 | |||||||||
Construction (2) | 4.5 | 6.2 | |||||||||
Manufacturing | 4.6 | 6.0 | |||||||||
Other services | 4.3 | 4.7 | |||||||||
Retail | 3.3 | 4.2 | |||||||||
Accommodation and food services | 3.7 | 4.1 | |||||||||
Wholesale trade | 2.5 | 3.6 | |||||||||
Educational services | 2.7 | 4.1 | |||||||||
Professional, scientific and technical services | 2.0 | 2.9 | |||||||||
Arts, entertainment and recreation | 2.2 | 2.2 | |||||||||
Public administration | 1.7 | 2.0 | |||||||||
Transportation and warehousing | 1.3 | 1.2 | |||||||||
Other (4) | 16.0 | 2.2 | |||||||||
Total | 100.0 | % | 100.0 | % |
Commercial and Industrial | Real Estate - Commercial Mortgage | Real Estate - Construction | Real Estate - Residential Mortgage | Real Estate - Home Equity | Consumer | Equipment Lease Financing | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 41,075 | $ | 35,657 | $ | 3,560 | $ | 16,393 | $ | 7,261 | $ | — | $ | 16,399 | $ | 120,345 | |||||||||||||||||||||||||||||||
Additions | 9,844 | 9,091 | 3 | 1,150 | 1,171 | 845 | 932 | 23,036 | |||||||||||||||||||||||||||||||||||||||
Payments | (8,060) | (1,649) | (64) | (380) | (251) | — | (135) | (10,539) | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (3,480) | (2,324) | (17) | (235) | (458) | (845) | (373) | (7,732) | |||||||||||||||||||||||||||||||||||||||
Transfers to OREO | — | — | — | (38) | — | — | — | (38) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 39,379 | $ | 40,775 | $ | 3,482 | $ | 16,890 | $ | 7,723 | $ | — | $ | 16,823 | $ | 125,072 | |||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 48,106 | $ | 33,166 | $ | 3,618 | $ | 16,676 | $ | 7,004 | $ | — | $ | 16,528 | $ | 125,098 | |||||||||||||||||||||||||||||||
Additions | 26,503 | 16,706 | 3 | 2,037 | 2,345 | 2,058 | 1,458 | 51,110 | |||||||||||||||||||||||||||||||||||||||
Payments | (20,851) | (5,902) | (122) | (543) | (775) | — | (695) | (28,888) | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (14,379) | (3,179) | (17) | (422) | (774) | (2,058) | (468) | (21,297) | |||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Transfers to OREO | — | (16) | — | (858) | (77) | — | — | (951) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 39,379 | $ | 40,775 | $ | 3,482 | $ | 16,890 | $ | 7,723 | $ | — | $ | 16,823 | $ | 125,072 |
June 30, 2020 | December 31, 2019 | ||||||||||
(dollars in thousands) | |||||||||||
Non-accrual loans | $ | 125,037 | $ | 125,098 | |||||||
Loans 90 days or more past due and still accruing | 14,767 | 16,057 | |||||||||
Total non-performing loans | 139,804 | 141,155 | |||||||||
OREO (1) | 5,418 | 6,831 | |||||||||
Total non-performing assets | $ | 145,222 | $ | 147,986 | |||||||
Non-performing loans to total loans | 0.75 | % | 0.84 | % | |||||||
Non-performing assets to total assets | 0.59 | % | 0.68 | % | |||||||
ACL - loans to non-performing loans | 183 | % | 116 | % |
June 30, 2020 | December 31, 2019 | ||||||||||
(in thousands) | |||||||||||
Real estate - residential mortgage | $ | 28,030 | $ | 21,551 | |||||||
Real estate - home equity | 15,548 | 15,068 | |||||||||
Real estate - commercial mortgage | 20,407 | 13,330 | |||||||||
Commercial and industrial | 4,398 | 5,193 | |||||||||
Consumer | — | 8 | |||||||||
Total accruing TDRs | 68,383 | 55,150 | |||||||||
Non-accrual TDRs (1) | 31,575 | 20,825 | |||||||||
Total TDRs | $ | 99,958 | $ | 75,975 |
Special Mention | Increase (Decrease) | Substandard or Lower | Increase (Decrease) | Total Criticized and Classified Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | $ | % | June 30, 2020 | December 31, 2019 | $ | % | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 174,730 | $ | 137,163 | $ | 37,567 | 27.4 | % | $ | 119,232 | $ | 134,206 | $ | (14,974) | (11.2) | % | $ | 293,962 | $ | 271,369 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 194,277 | 181,107 | 13,170 | 7.3 | 165,583 | 199,760 | (34,177) | (17.1) | 359,860 | 380,867 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction(1) | 4,288 | 4,219 | 69 | 1.6 | 7,295 | 6,137 | 1,158 | 18.9 | 11,583 | 10,356 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 373,295 | $ | 322,489 | $ | 50,806 | 15.8 | % | $ | 292,110 | $ | 340,103 | $ | (47,993) | (14.1) | % | $ | 665,405 | $ | 662,592 | |||||||||||||||||||||||||||||||||||||||
% of total risk rated loans | 2.7 | % | 2.7 | % | 2.1 | % | 2.8 | % | 4.8 | % | 5.5 | % |
June 30, 2020 | December 31, 2019 | ||||||||||
(dollars in thousands) | |||||||||||
ACL - loans | $ | 256,537 | $ | 163,622 | |||||||
ACL - OBS credit exposure (1) | 16,383 | 2,587 | |||||||||
Total ACL | $ | 272,920 | $ | 166,209 | |||||||
ACL - loans to net loans outstanding | 1.37 | % | 0.97 | % | |||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Average balance of net loans | $ | 18,331,797 | $ | 16,316,076 | $ | 17,595,932 | $ | 16,255,562 | |||||||||||||||
Balance of ACL - loans at beginning of period | $ | 238,508 | $ | 162,109 | $ | 163,622 | $ | 160,537 | |||||||||||||||
Impact of adopting CECL | — | — | 45,723 | — | |||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||
Commercial and industrial | 3,480 | 1,895 | 14,379 | 4,682 | |||||||||||||||||||
Consumer | 845 | 795 | 2,087 | 1,478 | |||||||||||||||||||
Real estate – commercial mortgage | 2,324 | 230 | 3,179 | 1,375 | |||||||||||||||||||
Real estate – home equity | 458 | 206 | 745 | 425 | |||||||||||||||||||
Real estate – residential mortgage | 235 | 134 | 422 | 789 | |||||||||||||||||||
Real estate – construction | 17 | 3 | 17 | 98 | |||||||||||||||||||
Equipment lease financing and other | 688 | 448 | 1,221 | 1,233 | |||||||||||||||||||
Total loans charged off | 8,047 | 3,711 | 22,050 | 10,080 | |||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||
Commercial and industrial | 2,978 | 2,680 | 4,712 | 3,923 | |||||||||||||||||||
Real estate – commercial mortgage | 95 | 169 | 339 | 305 | |||||||||||||||||||
Real estate – home equity | 44 | 223 | 261 | 420 | |||||||||||||||||||
Real estate – residential mortgage | 112 | 211 | 197 | 343 | |||||||||||||||||||
Real estate – construction | — | 1,245 | 70 | 1,329 | |||||||||||||||||||
Consumer | 605 | 579 | 1,034 | 789 | |||||||||||||||||||
Equipment lease financing and other | 92 | 148 | 200 | 377 | |||||||||||||||||||
Total recoveries | 3,926 | 5,255 | 6,813 | 7,486 | |||||||||||||||||||
Net loans charged off | 4,121 | (1,544) | 15,237 | 2,594 | |||||||||||||||||||
Provision for credit losses (1) | 22,150 | 5,025 | 62,429 | 10,125 | |||||||||||||||||||
Balance of ACL - loans at end of period | $ | 256,537 | $ | 170,233 | $ | 256,537 | $ | 170,233 | |||||||||||||||
Net charge-offs (recoveries) to average loans (annualized) | 0.09 | % | (0.04) | % | 0.17 | % | 0.03 | % |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||
ACL - loans | % In Each Loan
Category (1) | ACL - loans | % In Each Loan Category (1) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 102,695 | 37.0 | % | $ | 45,610 | 39.7 | % | |||||||||||||||
Commercial and industrial | 61,447 | 31.9 | 68,602 | 26.4 | |||||||||||||||||||
Real estate - residential mortgage | 46,443 | 15.3 | 19,771 | 7.8 | |||||||||||||||||||
Real estate - home equity | 16,391 | 6.7 | 17,744 | 15.7 | |||||||||||||||||||
Consumer | 10,299 | 2.5 | 3,762 | 5.8 | |||||||||||||||||||
Real estate - construction | 12,314 | 5.2 | 4,443 | 2.7 | |||||||||||||||||||
Equipment lease financing and other | 6,948 | 1.4 | 3,690 | 1.9 | % | ||||||||||||||||||
Total ACL - loans | $ | 256,537 | 100.0 | % | $ | 163,622 | 100.0 | % |
June 30, 2020 | December 31, 2019 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 6,239,055 | $ | 4,453,324 | $ | 1,785,731 | 40.1 | % | |||||||||||||||
Interest-bearing demand | 5,099,405 | 4,720,188 | 379,217 | 8.0 | |||||||||||||||||||
Savings | 5,667,893 | 5,153,941 | 513,952 | 10.0 | |||||||||||||||||||
Total demand and savings | 17,006,353 | 14,327,453 | 2,678,900 | 18.7 | |||||||||||||||||||
Brokered deposits | 310,689 | 264,531 | 46,158 | 17.4 | |||||||||||||||||||
Time deposits | 2,567,166 | 2,801,929 | (234,763) | (8.4) | |||||||||||||||||||
Total deposits | $ | 19,884,208 | $ | 17,393,913 | $ | 2,490,295 | 14.3 | % |
June 30, 2020 | December 31, 2019 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Total short-term customer funding(1) | $ | 572,551 | $ | 383,241 | $ | 189,310 | 49.4 | % | |||||||||||||||
Short-term FHLB advances and other borrowings (2) | — | 500,000 | (500,000) | (100.0) | |||||||||||||||||||
Total short-term borrowings | 572,551 | 883,241 | (310,690) | (35.2) | |||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||
FHLB advances | 535,999 | 491,024 | 44,975 | 9.2 | |||||||||||||||||||
Other long-term debt | 759,197 | 390,745 | 368,452 | 94.3 | |||||||||||||||||||
Total long-term borrowings | 1,295,196 | 881,769 | 413,427 | 46.9 | |||||||||||||||||||
Total borrowings | $ | 1,867,747 | $ | 1,765,010 | $ | 102,737 | 5.8 | % | |||||||||||||||
June 30, 2020 | December 31, 2019 | Regulatory Minimum for Capital Adequacy | Fully Phased-in, with Capital Conservation Buffers | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | 14.0 | % | 11.8 | % | 8.0 | % | 10.5 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets) | 9.5 | % | 9.7 | % | 6.0 | % | 8.5 | % | |||||||||||||||
Common Equity Tier I (to Risk-Weighted Assets) | 9.5 | % | 9.7 | % | 4.5 | % | 7.0 | % | |||||||||||||||
Tier I Capital (to Average Assets) | 7.4 | % | 8.4 | % | 4.0 | % | 4.0 | % |
Rate Shock(1) | Annual change in net interest income | % change in net interest income | |||||||||
+400 bp | + $114.3million | 18.5% | |||||||||
+300 bp | + $85.8 million | 13.9% | |||||||||
+200 bp | + $56.2 million | 9.1% | |||||||||
+100 bp | + $26.9 million | 4.4% | |||||||||
3.1 | Articles of Incorporation, as amended and restated, of Fulton Financial Corporation– Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on June 24, 2011. (File No. 0-10587) | ||||||||||
3.2 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | ||||||||||
104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) | ||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||
Date: | August 7, 2020 | /s/ E. Philip Wenger | ||||||||||||
E. Philip Wenger | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
Date: | August 7, 2020 | /s/ Mark R. McCollom | ||||||||||||
Mark R. McCollom | ||||||||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||||||||
Date: | August 7, 2020 | |||||||
/s/ E. Philip Wenger | ||||||||
E. Philip Wenger | ||||||||
Chairman and Chief Executive Officer |
Date: | August 7, 2020 | |||||||
/s/ Mark R. McCollom | ||||||||
Mark R. McCollom | ||||||||
Senior Executive Vice President and Chief Financial Officer |
Date: | August 7, 2020 | |||||||
/s/ E. Philip Wenger | ||||||||
E. Philip Wenger | ||||||||
Chairman and Chief Executive Officer |
Date: | August 7, 2020 | |||||||
/s/ Mark R. McCollom | ||||||||
Mark R. McCollom | ||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 223,000,000 | 222,400,000 |
Treasury stock, shares (in shares) | 61,100,000 | 58,200,000 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 39,559 | $ 59,779 | $ 65,606 | $ 116,442 |
Other Comprehensive Income, net of tax: | ||||
Unrealized gain on securities | 34,424 | 24,917 | 51,853 | 45,215 |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 793 | 1,021 | 1,589 | 1,995 |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | 0 | (600) | 0 | (682) |
Amortization of net unrecognized pension and postretirement income | 255 | 275 | 510 | 566 |
Other Comprehensive Income | 33,131 | 25,476 | 51,576 | 46,906 |
Total Comprehensive Income | $ 72,690 | $ 85,255 | $ 117,182 | $ 163,348 |
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
Basis of Presentation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. CECL Adoption and Updated Significant Accounting Policy On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with ASC Topic 842. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. Loans: Loans are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans deemed to be a loss are written off through a charge against the ACL. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL. Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking. Loan origination fees and the related direct origination costs for loans originated under the PPP loan program are amortized on a straight-line basis over the repayment period of the loan. To the extent that a PPP loan is forgiven, the unamortized fees will be recorded at the time of forgiveness. Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19, the modified loan was not more than 30 days past due on December 31, 2019 and the modification was executed between March 1, 2020 and the earlier of (a) 60 days after the date of the COVID-19 national emergency comes to an end or (b) December 31, 2020. The Corporation is applying the option under the CARES act for all loan modifications that qualify. On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020. Allowance for Credit Losses: The discussion that follows describes the methodology for determining the ACL under the CECL model that was adopted January 1, 2020. The allowance methodology for prior periods is disclosed in the Corporation’s 2019 Annual Report on Form 10-K. The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. The ACL also includes certain qualitative adjustments to the CECL model. Loans Evaluated Collectively: Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. In order to determine the ACL: •Loans are aggregated into pools based on similar risk characteristics. •The PD and LGD CECL model components are determined based on loss estimates driven by historical experience at the input level. •The PD model component uses "through the economic cycle transition" matrices based on the Corporation's historical loan and transaction data across each pool of loans. •The LGD model component calculates a lifetime LGD estimate across each pool of loans utilizing a non parametric loss curve modeling approach. •Reasonable and supportable forecasts are incorporated into the PD model component. •Reasonable and supportable forecast periods are based on different economic forecasts and scenarios sourced from an external party. A future loss forecast over the reasonable and supportable forecast period is based on the projected performance of specific economic variables that statistically correlate with the PD and LGD pools. After the reasonable and supportable forecast period, loss estimates naturally revert to input-level reversion. •Cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. •A constant prepayment rate is calculated for each loan pool in the CECL model. Loans Evaluated Individually: Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: •Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. •Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. •Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, competition, model imprecision, and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures, such as letters of credit and credit recourse on sold residential mortgage loans. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of June 30, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities. AFS Debt Securities: The ACL approach for AFS debt securities differs from the CECL approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Prior to the adoption of CECL, credit losses on AFS debt securities were determined using an OTTI approach. Under CECL, the concept of OTTI has been eliminated, but the general approach to determining credit losses is largely consistent with the OTTI method. Under CECL, credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. As of June 30, 2020, no AFS debt securities required an ACL. Other Recently Adopted Accounting Standards On January 1, 2020, the Corporation adopted ASC Update 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. On January 1, 2020, the Corporation adopted ASC Update 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements In March 2020, the Corporation adopted ASC Update 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standards update provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, specific to those using LIBOR or another reference rate expected to be discontinued due to this reform. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards
Reclassifications Certain amounts in the 2019 consolidated financial statements and notes have been reclassified to conform to the 2020 presentation.
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Restrictions on Cash and Cash Equivalents |
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Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents | Restrictions on Cash and Cash EquivalentsThe Bank is required to maintain reserves against its deposit liabilities. Prior to March 2020, reserves were in the form of cash and balances with the FRB. The FRB suspended cash reserve requirements effective March 26, 2020. The amount of such reserves as of December 31, 2019 was $218.9 million. In addition, cash collateral is posted by the Corporation with counterparties to secure derivative and other contracts. The amounts of such cash collateral as of June 30, 2020 and December 31, 2019 were $473.2 million and $199.6 million, respectively. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities as of June 30, 2020:
The following table presents the amortized cost and estimated fair values of investment securities as of December 31, 2019:
Securities carried at $468.8 million at June 30, 2020 and $462.6 million at December 31, 2019 were pledged as collateral to secure public and trust deposits and customer repurchase agreements. During the second quarter of 2020, the Corporation completed a limited balance sheet restructuring that included the sale of investment securities, with an amortized cost $79.0 million and an estimated fair value of $82.0 million, resulting in net investment securities gains of $3.0 million. Offsetting these gains were $2.9 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances. The amortized cost and estimated fair values of debt securities as of June 30, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented:
The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2020:
(1) No HTM securities were in an unrealized loss position as of June 30, 2020. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019:
(1) No HTM securities were in an unrealized loss position as of December 31, 2019. The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. The change in fair value of these securities is attributable to changes in interest rates and not credit quality, and the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. Therefore, the Corporation does not have an ACL for these investments as of June 30, 2020. Based on management’s evaluations, no ACL was required for ARCs or corporate debt securities as of June 30, 2020. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity.
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Loans and Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Credit Losses | Allowance for Credit Losses and Asset Quality Net Loans are summarized as follows:
The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses. See "Allowance for Credit Losses" below for further discussion regarding portfolio and class segments and their impact on the determination of the ACL. Allowance for Credit Losses, effective January 1, 2020 As discussed in Note 1, "Basis of Presentation," the Corporation adopted CECL effective January 1, 2020. CECL requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to 2020). Accordingly, ACL disclosures subsequent to January 1, 2020 are not always comparable to prior periods. In addition, certain new disclosures required under CECL are not applicable to prior periods. As a result, the following tables present disclosures separately for each period, where appropriate. New disclosures required under CECL are only shown for the current period and are noted. See Note 1, "Basis of Presentation", for a summary of the impact of adopting CECL on January 1, 2020. Under CECL, loans evaluated individually for impairment consist of non-accrual loans and TDRs. Under the incurred loss model in effect prior to the adoption of CECL, loans evaluated individually for impairment were referred to as impaired loans. The ACL related to loans consists of loans evaluated collectively and individually for expected credit losses. The ACL related to loans represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to Net Loans. The ACL for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. The total ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL under CECL:
The following table presents the activity in the ACL in 2020:
(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $(2.6) million and $1.2 million related to OBS credit exposures for the three and six months ended June 30, 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment, for the three and six months ended June 30, 2020:
(1) Provision included in the table only includes the portion related to Net Loans. The following table presents the ACL - loans and amortized cost basis of Net Loans under CECL methodology as of June 30, 2020:
Allowance for Credit Losses, prior to January 1, 2020 Prior to January 1, 2020, the ACL consisted of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represented management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to Net Loans. The reserve for unfunded lending commitments represented management’s estimate of incurred losses in unfunded loan commitments and letters of credit, and was recorded in other liabilities on the consolidated balance sheets. The ACL was increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL:
The following table presents the activity in the ACL for the periods indicated in 2019:
(1) Includes ($1.6 million) and ($2.2 million) related to reserve for unfunded lending commitments for the three and six months ended June 30, 2019, respectively. The following table presents the activity in the allowance for loan losses, by portfolio segment, for the three and six months ended June 30, 2019:
(1) The provision in the table only includes the portion related to Net Loans. The following table presents Net Loans and their related allowance for loan losses, by portfolio segment as of June 30, 2019:
Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of June 30, 2020 and December 31, 2019, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of June 30, 2020 and December 31, 2019, approximately 97% and 93%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated in the preceding 12 months. The following table presents total non-accrual loans, by class segment, as of the following periods:
As of June 30, 2020, there were $56.4 million of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk categories is a significant component of the ACL methodology for these loans, under both the CECL and incurred loss models, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loans. The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of June 30, 2020:
The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments as of December 31, 2019:
The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, under both the CECL and incurred loss models, which base the PD on this migration. The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loans classes, the Corporation evaluates credit quality based on the aging status of the loan. The following table presents the amortized cost of these loans based on payment activity, by origination year, as of June 30, 2020:
The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments:
(1)Includes all accruing loans 30 days to 89 days past due. (2)Includes all accruing loans 90 days or more past due and all non-accrual loans. The following table presents non-performing assets:
(1) Excludes $10.6 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2020. The following tables present the aging of the amortized cost basis of loans, by class segment:
Collateral-Dependent Loans A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Troubled Debt Restructurings The following table presents TDRs, by class segment:
(1)Included in non-accrual loans in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment, for loans that were modified during the three and six months ended June 30, 2020 and 2019:
Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020 to borrowers impacted by the effects of the COVID-19 pandemic and who were not delinquent at the time of the payment schedule modifications have been excluded from TDRs. For the six months ended June 30, 2020, payment schedule modifications having a recorded investment of $3.9 billion were excluded from TDRs based on this regulatory guidance.
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Mortgage Servicing Rights |
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Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets:
MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of loans serviced by the Corporation for unrelated third parties was $4.8 billion and $4.9 billion as of June 30, 2020 and December 31, 2019, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $31.0 million and $45.2 million at June 30, 2020 and December 31, 2019, respectively. Based on its fair value analysis as of June 30, 2020, the Corporation determined that a $6.6 million increase to the valuation allowance was required for the three months ended June 30, 2020, resulting in a total valuation allowance of $7.7 million for the six months ended June 30, 2020. The $6.6 million and $7.7 million increases to the valuation allowance were recorded as reductions to mortgage banking income on the consolidated statements of income for the three and six months ended June 30, 2020, respectively.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair value recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. For each of the derivatives, gross derivative assets and liabilities are recorded in other assets and other liabilities, respectively, on the consolidated balance sheets. Related gains and losses on these derivative instruments are recorded in other changes, net on the consolidated statement of cash flows. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. The Corporation is required to clear all eligible interest rate swap contracts with a central counterparty and is subject to the regulations of the Commodity Futures Trading Commission. Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a specific date at a contractual price. The Corporation limits its foreign exchange exposure with customers by entering into contracts with institutional counterparties to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro Account balances, to $500,000. The following table presents a summary of the notional amounts and fair values of derivative financial instruments:
The following table presents a summary of the fair value gains (losses) on derivative financial instruments:
(1) Includes interest rate locks with customers and forward commitments. Fair Value Option The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of the periods shown:
(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Gains related to changes in fair values of mortgage loans held for sale were $1.4 million and $304,000 for the three months ended June 30, 2020 and 2019, respectively. During the six months ended June 30, 2020 and 2019, gains related to changes in fair values of mortgage loans held for sale were $2.1 million and $325,000, respectively Balance Sheet Offsetting Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swaps with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared daily through a clearing agent. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheet are not equal and offsetting. The Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swaps, collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified in short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation has no intent to set off these amounts, therefore, these repurchase agreements are not eligible for offset. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
(1)For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2)Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
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Tax Credit Investments |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax Credit Investments | Tax Credit Investments TCIs are primarily for investments promoting qualified affordable housing projects and investments in community development entities. Investments in these projects generate a return primarily through the realization of federal income tax credits and deductions for operating losses over a specified time period. The TCIs are included in other assets, with any unfunded equity commitments recorded in other liabilities on the consolidated balance sheets. Certain TCIs qualify for the proportional amortization method and are amortized over the period the Corporation expects to receive the tax credits, with the expense included within income taxes on the consolidated statements of income. Other TCIs are accounted for under the equity method of accounting, with amortization included within non-interest expense on the consolidated statements of income. This amortization includes equity in partnership losses and the systematic write-down of investments over the period in which income tax credits are earned. All of the TCIs are evaluated for impairment at the end of each reporting period. The following table presents the balances of the Corporation's TCIs and related unfunded commitments:
The following table presents other information relating to the Corporation's TCIs:
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Accumulated Other Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in other comprehensive income:
(1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See Note 3, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): •Level 1 – Inputs that represent quoted prices for identical instruments in active markets. •Level 2 – Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. •Level 3 – Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. All assets and liabilities measured at fair value on both a recurring and nonrecurring basis, have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:
The valuation techniques used to measure fair value for the items in the preceding tables are as follows: Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of June 30, 2020 and December 31, 2019 were based on the price that secondary market investors were offering for loans with similar characteristics. See "Note 6 - Derivative Financial Instruments" for details related to the Corporation’s election to measure assets and liabilities at fair value. Available for sale investment securities – Included in this asset category are debt securities. Level 2 investment securities are valued by a third-party pricing service commonly used in the banking industry. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. Management tests the values provided by the pricing service by obtaining securities prices from an alternative third-party source and comparing the results. This test is performed for at least 95% of the securities valued by the pricing service. Generally, differences by security in excess of 5% are researched to reconcile the difference. •State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above. •Corporate debt securities – This category consists of subordinated debt and senior debt issued by financial institutions ($321.0 million at June 30, 2020 and $362.3 million at December 31, 2019), single-issuer trust preferred securities issued by financial institutions ($0 at June 30, 2020 and $11.2 million at December 31, 2019) and other corporate debt issued by non-financial institutions ($4.4 million at June 30, 2020 and $3.9 million December 31, 2019). As noted in "Note 3 - Investment Securities", several corporate debt securities were sold in the second quarter of 2020. Refer to the specific note for further information. Level 2 investment securities include the Corporation’s holdings of subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $0 and $8.8 million of single-issuer TruPS held at June 30, 2020 and December 31, 2019, respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Level 3 investment securities include the Corporation’s investments in certain single-issuer TruPS ($0 at June 30, 2020 and $2.4 million at December 31, 2019). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. •Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investment securities and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime in the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 fair values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. Investments held in Rabbi Trust – This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represent quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1. Derivative assets – Fair value of foreign currency exchange contracts classified as Level 1 assets ($216,000 at June 30, 2020 and $230,000 at December 31, 2019). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($10.6 million at June 30, 2020 and $1.2 million at December 31, 2019) and the fair value of interest rate swaps ($390.7 million at June 30, 2020 and $144.2 million at December 31, 2019). The fair values of the Corporation’s interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 6 - Derivative Financial Instruments," for additional information. Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above. Derivative liabilities – Level 1 liabilities, representing the fair value of foreign currency exchange contracts ($168,000 at June 30, 2020 and $199,000 at December 31, 2019). Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ($2.1 million at June 30, 2020 and $424,000 at December 31, 2019) and the fair value of interest rate swaps ($188.5 million at June 30, 2020 and $76.0 million at December 31, 2019). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Derivative assets" above. The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3):
(1)Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets. Certain assets are not measured at fair value on an ongoing basis, but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:
(1)Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. See "Note 5 - Mortgage Servicing Rights" for additional information. The valuation techniques used to measure fair value for the items in the table above are as follows: •Net Loans – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. In 2020, the amount shown is the balance of nonaccrual loans, net of the related ACL. In 2019, the amount shown is the balance of impaired loans, net of the related ACL. See "Note 4 - Allowance for Credit Losses and Asset Quality," for additional details. •OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. •MSRs - This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the June 30, 2020 valuation were 17.5% and 9.5%, respectively. Management tests the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 5 - Mortgage Servicing Rights," for additional information. In 2008, the Corporation received Class B restricted shares of Visa, Inc. ("Visa") as part of Visa’s initial public offering. These securities are considered equity securities without readily determinable fair values. As such, the approximately 133,000 Visa Class B shares owned as of June 30, 2020 were carried at a zero cost basis. The following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments as of the periods shown. A general description of the methods and assumptions used to estimate such fair values follows:
Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term:
FRB and FHLB stock represent restricted investments and are carried at cost. As of June 30, 2020, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices. Brokered deposits consists of demand and saving deposits, which are classified as Level 1, and time deposits, which are classified as Level 2. The fair value of these deposits are determined in a manner consistent with the respective type of deposits discussed above.
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Net Income Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per Share Basic net income per share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, RSUs and PSUs. PSUs are required to be included in weighted average shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows (in thousands, except per share data):
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based CompensationThe Corporation grants equity awards to employees in the form of stock options, restricted stock, RSUs or PSUs under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). Recent grants of equity awards under the Employee Equity Plan have generally been limited to RSUs and PSUs. In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants equity awards to non-employee members of its board of directors and subsidiary bank boards of directors under the 2011 Directors’ Equity Participation Plan, which was amended and approved by shareholders as the Amended and Restated Directors’ Equity Participation Plan in 2019 ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. Equity awards under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and become fully vested after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Fair values for RSUs and a majority of PSUs are based on the trading price of the Corporation’s stock on the date of grant and earn dividend equivalents during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of June 30, 2020, the Employee Equity Plan had 9.3 million shares reserved for future grants through 2023, and the Directors’ Plan had approximately 181,000 shares reserved for future grants through 2029. The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income:
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components:
The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. The outstanding amounts of commitments to extend credit and letters of credit were as follows:
The Corporation records a reserve for unfunded lending commitments, included in ACL - OBS credit exposures, which represents management’s estimate of credit losses associated with unused commitments to extend credit and letters of credit. See "Note 4 - Allowance for Credit Losses and Asset Quality," for additional details. Residential Lending The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans, or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements. The Corporation maintains a reserve for estimated losses related to loans sold to investors. As of June 30, 2020 and December 31, 2019, the total reserve for losses on residential mortgage loans sold was $1.1 million and $3.2 million, respectively, including reserves for both representation and warranty and credit loss exposures. With the adoption of CECL on January 1, 2020 the reserve for estimated losses on certain residential mortgage loans sold to investors was reclassified to ACL - OBS credit exposures. This reclassification resulted in a $2.1 million increase to ACL - OBS credit exposures and a corresponding decrease to the reserve for estimated losses related to loans sold to investors in the first quarter of 2020. Legal Proceedings The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established. In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation’s practice is to cooperate fully with regulatory and governmental inquiries and investigations. As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, which may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation’s results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation’s business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation’s results of operations in any future period. SEC Investigation The Corporation is responding to an investigation by the staff of the Division of Enforcement of the SEC regarding certain accounting determinations that could have impacted the Corporation’s reported earnings per share. The Corporation believes that its financial statements filed with the SEC in Forms 10-K and 10-Q present fairly, in all material respects, its financial condition, results of operations and cash flows as of or for the periods ending on their respective dates. The Corporation is cooperating fully with the SEC and at this time cannot predict when or how the investigation will be resolved. Kress v. Fulton Bank, N.A. On October 15, 2019, a former Fulton Bank teller supervisor, D. Kress filed a putative class action lawsuit on behalf of herself and other similarly situated non-exempt, hourly employees in the U.S. District Court for the District of New Jersey, D. Kress v. Fulton Bank, N.A., Case No. 1:19-cv-18985. Fulton Bank accepted service of process on January 20, 2020. The lawsuit alleges that Fulton Bank did not record or otherwise account for the amount of time which non-exempt employees who are paid based on their time worked, spent conducting branch opening security procedures. The allegation is that, as a result, Fulton Bank did not properly compensate those employees for their regular and overtime wages. The lawsuit alleges that by doing so, Fulton violated: (i) the federal Fair Labor Standards Act and seeks back overtime wages for a period of three years, liquidated damages and attorney fees and costs; (ii) the New Jersey State Wage and Hour Law and seeks back overtime wages for a period of six years, treble damages and attorney fees and costs; and (iii) the New Jersey Wage Payment Law and seeks back wages for a period of six years, treble damages and attorney fees and costs. The lawsuit also asserts New Jersey common law claims seeking compensatory damages and interest.
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Long-Term Debt Long-Term Debt |
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Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtIn March 2020, the Corporation issued $200.0 million and $175.0 million of subordinated notes due in 2030 and 2035, respectively. The subordinated notes maturing in 2030 were issued with a fixed-to-floating rate of 3.25% and an effective rate of 3.35%, due to issuance costs, and the subordinated notes maturing in 2035 were issued with a fixed-to-floating rate of 3.75% and an effective rate of 3.85%, due to issuance costs. |
Basis of Presentation Basis of Presentation (Policies) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of PresentationThe accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. | ||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Standards | CECL Adoption and Updated Significant Accounting Policy On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with ASC Topic 842. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. Loans: Loans are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans deemed to be a loss are written off through a charge against the ACL. Closed-end consumer loans are generally charged off when they become 120 days past due (180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL. Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking. Loan origination fees and the related direct origination costs for loans originated under the PPP loan program are amortized on a straight-line basis over the repayment period of the loan. To the extent that a PPP loan is forgiven, the unamortized fees will be recorded at the time of forgiveness. Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19, the modified loan was not more than 30 days past due on December 31, 2019 and the modification was executed between March 1, 2020 and the earlier of (a) 60 days after the date of the COVID-19 national emergency comes to an end or (b) December 31, 2020. The Corporation is applying the option under the CARES act for all loan modifications that qualify. On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020. Allowance for Credit Losses: The discussion that follows describes the methodology for determining the ACL under the CECL model that was adopted January 1, 2020. The allowance methodology for prior periods is disclosed in the Corporation’s 2019 Annual Report on Form 10-K. The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. The ACL also includes certain qualitative adjustments to the CECL model. Loans Evaluated Collectively: Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. In order to determine the ACL: •Loans are aggregated into pools based on similar risk characteristics. •The PD and LGD CECL model components are determined based on loss estimates driven by historical experience at the input level. •The PD model component uses "through the economic cycle transition" matrices based on the Corporation's historical loan and transaction data across each pool of loans. •The LGD model component calculates a lifetime LGD estimate across each pool of loans utilizing a non parametric loss curve modeling approach. •Reasonable and supportable forecasts are incorporated into the PD model component. •Reasonable and supportable forecast periods are based on different economic forecasts and scenarios sourced from an external party. A future loss forecast over the reasonable and supportable forecast period is based on the projected performance of specific economic variables that statistically correlate with the PD and LGD pools. After the reasonable and supportable forecast period, loss estimates naturally revert to input-level reversion. •Cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. •A constant prepayment rate is calculated for each loan pool in the CECL model. Loans Evaluated Individually: Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan is impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: •Pass: These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. •Special Mention: These loans have a heightened credit risk, but not to the point of justifying a classification of Substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. •Substandard or Lower: These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, competition, model imprecision, and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures, such as letters of credit and credit recourse on sold residential mortgage loans. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of June 30, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities. AFS Debt Securities: The ACL approach for AFS debt securities differs from the CECL approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Prior to the adoption of CECL, credit losses on AFS debt securities were determined using an OTTI approach. Under CECL, the concept of OTTI has been eliminated, but the general approach to determining credit losses is largely consistent with the OTTI method. Under CECL, credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. As of June 30, 2020, no AFS debt securities required an ACL. Other Recently Adopted Accounting Standards On January 1, 2020, the Corporation adopted ASC Update 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. On January 1, 2020, the Corporation adopted ASC Update 2018-15 - Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements In March 2020, the Corporation adopted ASC Update 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standards update provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, specific to those using LIBOR or another reference rate expected to be discontinued due to this reform. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards
Reclassifications Certain amounts in the 2019 consolidated financial statements and notes have been reclassified to conform to the 2020 presentation.
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities as of June 30, 2020:
The following table presents the amortized cost and estimated fair values of investment securities as of December 31, 2019:
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Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of June 30, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
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Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented:
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Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2020:
(1) No HTM securities were in an unrealized loss position as of June 30, 2020. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019:
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Loans and Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Gross Loans by Type |
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Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL in 2020:
(1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $(2.6) million and $1.2 million related to OBS credit exposures for the three and six months ended June 30, 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment, for the three and six months ended June 30, 2020:
(1) Provision included in the table only includes the portion related to Net Loans. The following table presents the ACL - loans and amortized cost basis of Net Loans under CECL methodology as of June 30, 2020:
The following table presents the activity in the ACL for the periods indicated in 2019:
(1) Includes ($1.6 million) and ($2.2 million) related to reserve for unfunded lending commitments for the three and six months ended June 30, 2019, respectively. The following table presents the activity in the allowance for loan losses, by portfolio segment, for the three and six months ended June 30, 2019:
(1) The provision in the table only includes the portion related to Net Loans. The following table presents Net Loans and their related allowance for loan losses, by portfolio segment as of June 30, 2019:
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Schedule of Allowance for Credit Losses | The following table presents the components of the ACL under CECL:
The following table presents the components of the ACL:
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Total Impaired Loans by Class Segment | The following table presents total non-accrual loans, by class segment, as of the following periods:
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Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, as of June 30, 2020:
The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments as of December 31, 2019:
The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments:
(1)Includes all accruing loans 30 days to 89 days past due. (2)Includes all accruing loans 90 days or more past due and all non-accrual loans.
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Non-Performing Assets | The following table presents non-performing assets:
(1) Excludes $10.6 million of residential mortgage properties for which formal foreclosure proceedings were in process as of June 30, 2020.
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Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present the aging of the amortized cost basis of loans, by class segment:
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Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment:
(1)Included in non-accrual loans in the preceding table detailing non-performing assets.
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Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment, for loans that were modified during the three and six months ended June 30, 2020 and 2019:
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Mortgage Servicing Rights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets:
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments:
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Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains (losses) on derivative financial instruments:
(1) Includes interest rate locks with customers and forward commitments.
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Summary of Corporation's Mortgage Loans Held for Sale | The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of the periods shown:
(1) Cost basis of mortgage loans held for sale represents the unpaid principal balance.
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Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
(1)For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2)Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
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Summary of Offsetting Derivative Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets:
(1)For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2)Amounts represent cash collateral received from the counterparty or posted by the Corporation on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash and securities collateral amounts are included in the table only to the extent of the net derivative fair values.
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Tax Credit Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments:
The following table presents other information relating to the Corporation's TCIs:
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Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in other comprehensive income | The following table presents changes in other comprehensive income:
(1) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See Note 3, "Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details.
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Changes in each component of accumulated other comprehensive income | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets:
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Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3):
(1)Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets.
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis:
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Details of Book Value and Fair Value of Financial Instruments | he following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments as of the periods shown. A general description of the methods and assumptions used to estimate such fair values follows:
|
Net Income Per Share (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows (in thousands, except per share data):
|
Stock-Based Compensation (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income:
|
Employee Benefit Plans (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components:
The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components:
|
Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The outstanding amounts of commitments to extend credit and letters of credit were as follows:
|
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Collateral | $ 473.2 | $ 199.6 |
Subsidiaries | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves due from subsidiary | $ 218.9 |
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Gain (Loss) on Securities [Line Items] | ||||
Debt securities, Gross Realized Gains | $ 6,334 | $ 3,012 | $ 6,451 | $ 3,269 |
Debt securities, Gross Realized Losses | (3,329) | (2,836) | (3,400) | (3,028) |
Debt securities, Net Gains (Losses) | $ 3,005 | $ 176 | $ 3,051 | $ 241 |
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,548,261 | |
Estimated Fair Value | 2,644,299 | $ 2,497,537 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 312,507 | |
Estimated Fair Value | $ 325,353 |
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|---|---|
Receivables [Abstract] | ||||||
ACL - loans | $ 256,537 | $ 163,622 | $ 170,233 | $ 162,109 | $ 160,537 | |
ACL - OBS credit exposure | 16,383 | 2,587 | ||||
Total ACL | $ 272,920 | $ 257,471 | $ 166,209 | $ 176,941 | $ 170,372 | $ 169,410 |
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jan. 01, 2020 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 257,471 | $ 166,209 | ||
Impact of adopting CECL | $ (43,807) | |||
Loans charged off | 8,047 | 22,050 | ||
Recoveries of loans previously charged off | 3,926 | 6,813 | ||
Current period net charge-offs | (4,121) | (15,237) | ||
Provision for credit losses | 19,570 | 63,600 | ||
Ending balance | 272,920 | 272,920 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Impact of adopting CECL | $ 0 | $ 58,348 | ||
Off-Balance Sheet | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for credit losses | $ 2,600 | 1,200 | ||
Off-Balance Sheet | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 12,600 |
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Financing Receivable, Impaired [Line Items] | |||
Loans | $ 18,704,722 | $ 16,837,526 | $ 16,368,458 |
Real-estate - home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Loans | 1,251,455 | 1,314,944 | 1,386,974 |
Real estate - residential mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Loans | 2,862,226 | 2,641,465 | 2,451,966 |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Loans | 465,610 | 463,164 | 452,874 |
Equipment lease financing, other and overdrafts | |||
Financing Receivable, Impaired [Line Items] | |||
Loans | $ 246,385 | $ 299,397 | $ 290,876 |
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Receivables [Abstract] | ||
Non-accrual loans and leases | $ 125,037 | $ 125,098 |
Loans and leases 90 days or more past due and still accruing | 14,767 | 16,057 |
Total non-performing loans and leases | 139,804 | 141,155 |
Other real estate owned (OREO) | 5,418 | 6,831 |
Total non-performing assets | 145,222 | $ 147,986 |
Mortgage Loans in Process of Foreclosure, Amount | $ 10,600 |
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans with principal balances approximately in percentage | 97.00% | 93.00% |
Unpaid principal balance, with no related allowance | $ 56,443 | |
Excluded from TDRs | 3,900,000 | |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum balance of loans evaluated individually for impairment | 1,000 | |
Impaired loans balances, real estate as collateral | $ 1,000 |
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Servicing Asset [Abstract] | |||||
Mortgage Loans Serviced By For Third Parties | $ 4,800,000 | $ 4,800,000 | $ 4,900,000 | ||
Fair value of MSRs | 31,000 | 31,000 | $ 45,200 | ||
Residential Mortgage | |||||
Amortized Cost: | |||||
Balance at beginning of period | 38,854 | $ 38,504 | 39,267 | $ 38,573 | |
Originations of MSRs | 2,772 | 1,861 | 4,250 | 3,086 | |
Amortization | (2,934) | (1,539) | (4,825) | (2,833) | |
Balance at end of period | 38,692 | 38,826 | 38,692 | 38,826 | |
Servicing Asset [Abstract] | |||||
Beginning balance | 1,100 | 0 | 0 | 0 | |
Additions to valuation allowance | 6,600 | 0 | 7,700 | 0 | |
Ending balance | 7,700 | 0 | 7,700 | 0 | |
Net MSRs at end of period | 30,992 | 38,826 | 30,992 | 38,826 | |
Fair value of MSRs | $ 30,992 | $ 44,916 | $ 30,992 | $ 44,916 |
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Derivative [Line Items] | |||||
Assets | $ 24,617,863 | $ 24,617,863 | $ 21,886,040 | ||
Foreign currency open position | 500 | 500 | |||
Mortgage Loans Held For Sale [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) in fair values of mortgage loans held for sale | $ 1,400 | $ 304 | $ 2,100 | $ 325 |
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | $ 6,612 | $ 234 | $ 7,843 | $ 795 |
Mortgage Banking Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | 6,704 | (48) | 7,744 | 614 |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | 10 | 296 | 82 | 147 |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | $ (102) | $ (14) | $ 17 | $ 34 |
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | $ 77,415 | $ 77,415 | $ 37,828 | ||
Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 1,400 | $ 304 | 2,100 | $ 325 | |
Cost [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | 74,868 | 74,868 | 37,396 | ||
Fair value [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | $ 77,415 | $ 77,415 | $ 37,828 |
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 5,418 | $ 6,831 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 108,746 | 144,807 |
OREO | 5,418 | 6,831 |
MSRs (1) | 30,992 | 45,193 |
Assets, Fair Value Disclosure | $ 145,156 | $ 196,831 |
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 161,715 | 168,343 | 162,582 | 169,109 |
Impact of common stock equivalents (in shares) | 552 | 825 | 744 | 933 |
Weighted average shares outstanding (diluted) (in shares) | 162,267 | 169,168 | 163,326 | 170,042 |
Basic (in dollars per share) | $ 0.24 | $ 0.36 | $ 0.40 | $ 0.69 |
Diluted (in dollars per share) | $ 0.24 | $ 0.35 | $ 0.40 | $ 0.68 |
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Payment Arrangement [Abstract] | ||||
Compensation expense | $ 1,911 | $ 1,788 | $ 3,530 | $ 3,348 |
Tax benefit | (403) | (412) | (747) | (743) |
Stock-based compensation expense, net of tax benefit | $ 1,508 | $ 1,376 | $ 2,783 | $ 2,605 |
Stock-Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement [Line Items] | ||||
Compensation expense | $ 1,911 | $ 1,788 | $ 3,530 | $ 3,348 |
Stock-based compensation expense, net of tax benefit | $ 1,508 | $ 1,376 | $ 2,783 | $ 2,605 |
Directors' Plan [Member] | ||||
Statement [Line Items] | ||||
Shares reserved for future grants under the stock option and compensation plan | 181 | 181 | ||
Employee Equity Plan [Member] | ||||
Statement [Line Items] | ||||
Awards vesting period (in years) | 3 years | |||
Shares reserved for future grants under the stock option and compensation plan | 9,300 | 9,300 |
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 681 | $ 815 | $ 1,362 | $ 1,630 |
Expected return on plan assets | (982) | (689) | (1,964) | (1,378) |
Net amortization and deferral | 465 | 495 | 930 | 990 |
Net periodic benefit | 164 | 621 | 328 | 1,242 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 11 | 15 | 22 | 30 |
Net accretion and deferral | (137) | (139) | (274) | (278) |
Net periodic benefit | $ (126) | $ (124) | $ (252) | $ (248) |
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 8,140,293 | $ 6,689,519 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 294,647 | 303,020 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 52,100 | $ 50,432 |
Commitments and Contingencies - Narrative (Details) - Residential Mortgage - USD ($) $ in Millions |
Jun. 30, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | $ 1.1 | $ 3.2 | |
Accounting Standards Update 2016-13 | |||
Loss Contingencies [Line Items] | |||
Valuation allowances and reserves, balance | $ (2.1) |
Long-Term Debt (Details) - Subordinated Debt $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
3.25% Notes due 2030 | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 200.0 |
Debt instrument, interest rate (as a percent) | 3.25% |
Debt instrument, effective rate (as a percent) | 3.35% |
3.75% Notes due 2035 | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 175.0 |
Debt instrument, interest rate (as a percent) | 3.75% |
Debt instrument, effective rate (as a percent) | 3.85% |
Label | Element | Value |
---|---|---|
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (43,807,000) |
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